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STARTING YOUR OWN BUSINESS............

"What You Need to Know About the Choices of Entities Available to You"

Now that you have decided to start your own business, you, as an entrepreneur, will find that there are several important decisions that you must make that will affect the operation of your business. This decision-making process involves a number of things in which the form of entity and the major issues and factors that affect each form must be taken into account.

One of the most important and complex decisions you will face when starting your own business will be choosing the most appropriate form of entity in which to operate your business. There are several forms in which to choose from. Each form of entity produces different legal and tax consequences. So what may be the appropriate form of entity for one entrepreneur may not necessarily be the most appropriate form for you. Knowing the legal and tax consequences of each form of entity plays an important part in your decision-making process.

Choose the most appropriate entity for your success!

 

Often, the choice of business form depends upon several major issues including the needs and desires of the owner and also the characteristics and needs of the business. It is very important to discuss these issues with your tax, financial and legal advisor before making such an important decision. Following is a list of some questions to aid you in your discussion with your advisor to determine the most appropriate form of business.

Questions for discussion:

bulletTo what extent do you wish to shield your personal assets from the liabilities and debts of the business?
bulletWhat level of taxation do you want for the business?
bulletTo what extent do you want to allow others to manage the business?
bulletHow much restriction do you want regarding the transferability of interest to third parties?
bulletHow many and what type of owners do you anticipate the business will have?
bulletWhat is the appropriate capital formation for each entity?

As a full service professional firm specializing in performing various types of corporate services, Clausell & Associates is prepared to assist you in making this very important decision.

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To view the pros and cons of each type of entity, click here:

Click here to view the pros and cons of the major forms of entities.

 

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This information is general in nature and must be discussed with your tax, financial and legal advisor before any action is taken. 

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